Our Thoughts On Natural Language Interface, NLP and AI applications

Technology keeps us inspiring and surprising every day by adding convenience to our lives. Digital platforms have changed the B2B buying scenario where customers focus on more personalized, seamless experiences with quick responses and 24/7 interaction. Today machines, mobile apps, software and several algorithms understand what we speak and respond in the same language. These machines can even understand human emotions and provide solutions to various issues. All thanks to Artificial Intelligence (AI), machines can analyze and interpret extensive amount of data within seconds and predict future prospects.

Markets are dynamic and moving faster than imagined. To stay with the evolving market, businesses need to design their processes that are automated, agile, and fast-paced. To achieve the dynamism companies are adopting more flexible, results-driven approach and hence, companies are deploying Artificial Intelligence (AI) systems to facilitate the transformation.

In a business ecosystem, third-party vendors play an important role in today’s competitive market. Traditional checklist methods are not sufficient anymore to manage multiple vendors. Artificial Intelligence (AI) and Natural Language Interface (NLI) can help in providing effective and efficient vendor management solutions.

Artificial Intelligence and Machine Learning applications are transforming several sectors. Few months ago, we’ve published an article with insights gained from McKinsey study of Automobile after-market in 2030 and another article that talks of a need for NLI implementations like Cox’s Nexi virtual assistant for Automotive dealers. AI and ML applications in the automotive industry spans across the supply-chain and after-market services.

The top most challenges in supply chain management are demand forecasting and warehouse optimization. And, by using AI in supply chain management, organizations can address these challenges, apart from automating other critical processes in SCM. SCM is an overarching process in any organization that manufactures and sells assorted products. It starts with procuring raw material from suppliers/ vendors, converting the raw material into finished products through manufacturing processes, maintaining working inventory as the respective processes demand, moving the finished products through geographically scattered distribution channels or retail locations so as to finally reach the end customers.

Peter Drucker says “..the purpose of a business is to create a customer..”. This sage like wisdom implies the need for businesses to focus their efforts on understanding the needs/ pains of potential customers and addressing the needs formally through products and services that could be developed based on the businesses ability to innovate and launch new products…..And, this article is about the importance of Natural Language Processing for businesses, where language that we speak and write to communicate is used to understand the needs of customers.